Jones Lang LaSalle Incorporated today reported GAAP net income for the third quarter of $10.2 million, or $0.32 per share. Excluding after tax expenses of $1.1 million associated with the expansion of its New York business announced in August, the earnings of $0.35 were at the low end of the firmâ€™s previously stated expectations.
The First Call consensus estimate of $0.40 per share excluded the impact of our New York expansion. Results compare favorably with the prior yearâ€™s third quarter GAAP net loss of $6.2 million, or $0.21 per share.
Revenues in the quarter of $207.1 million were down 5 percent in U.S. dollars, 9 percent in local currency over the prior year period. This decline reflects the adverse impact of the difficult and uncertain global economic conditions on general business confidence and our clientsâ€™ decision making. Year-to-date revenues were down 9 percent in U.S. dollars, 11 percent in local currency.
A focus on tight expense controls together with the continuing benefits of last yearâ€™s management actions to bring the organization in line with the expected 2002 business environment helped to offset these revenue declines.
Operating expenses for the quarter, excluding non-recurring and restructuring charges were $188.8 million, a 2 percent reduction on the prior year period in U.S. dollars, 6 percent in local currency. For the year-to-date, operating expenses, excluding non-recurring and restructuring charges were $533.0 million, a 9 percent reduction on the prior year period in U.S. dollars, 10 percent in local currency.
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(source: Jones Lang LaSalle)